Binance Denies Withdrawing Singapore Lawsuit Against RedotPay Amid $473M Dispute

Binance refutes claims of dropping Singapore litigation against RedotPay, maintaining its stance in a dispute involving nearly $473 million and over 470,000 affected users.

Woofun AI reports that Binance has denied rumors regarding the withdrawal of its lawsuit against RedotPay in Singapore. The exchange stated it has not abandoned its claims and has notified both the court and RedotPay of this position. This clarification follows RedotPay's assertion that Binance would terminate the proceedings after an August 7 hearing and seek cost reimbursement. The legal conflict stems from a Hong Kong case where Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore accused RedotPay of breaching agreements by using Binance Pay funds for stablecoin card top-ups. These entities sought approximately $472.8 million in compensation, citing impacts on over 470,000 Binance Card users. Binance had ended support for the RedotPay integration in April of this year, following a partnership announced in December 2023.